Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil
Autor(a) principal: | |
---|---|
Data de Publicação: | 2011 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Revista de Economia Política |
Texto Completo: | http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000400004 |
Resumo: | In the last two decades an entirely new set of rules governing the foreign exchange transactions was established in Brazil, substituting for the framework inherited from the 1930s. Foreign exchange controls were dismantled and a floating exchange rate regime replaced different forms of peg. In this paper we argue that although successful by comparison to previous experiences, the current arrangement has important flaws that should be addressed. We discuss how it first led to high volatility and extremely high interest rates, which, when overcome, gave way to a long lasting appreciation of the real exchange rate with adverse consequences to industry. |
id |
EDITORA_34-1_0ba084899fe4f4ac53992cd66ed31035 |
---|---|
oai_identifier_str |
oai:scielo:S0101-31572011000400004 |
network_acronym_str |
EDITORA_34-1 |
network_name_str |
Revista de Economia Política |
repository_id_str |
|
spelling |
Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in BrazilBrazilian exchange rate regimecapital account liberalizationforeign exchange regulationIn the last two decades an entirely new set of rules governing the foreign exchange transactions was established in Brazil, substituting for the framework inherited from the 1930s. Foreign exchange controls were dismantled and a floating exchange rate regime replaced different forms of peg. In this paper we argue that although successful by comparison to previous experiences, the current arrangement has important flaws that should be addressed. We discuss how it first led to high volatility and extremely high interest rates, which, when overcome, gave way to a long lasting appreciation of the real exchange rate with adverse consequences to industry.Centro de Economia Política2011-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000400004Brazilian Journal of Political Economy v.31 n.4 2011reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_3410.1590/S0101-31572011000400004info:eu-repo/semantics/openAccessSouza,Francisco Eduardo Pires deCarvalho,Fernando J. Cardim deeng2012-02-28T00:00:00Zoai:scielo:S0101-31572011000400004Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2012-02-28T00:00Revista de Economia Política - EDITORA 34false |
dc.title.none.fl_str_mv |
Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil |
title |
Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil |
spellingShingle |
Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil Souza,Francisco Eduardo Pires de Brazilian exchange rate regime capital account liberalization foreign exchange regulation |
title_short |
Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil |
title_full |
Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil |
title_fullStr |
Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil |
title_full_unstemmed |
Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil |
title_sort |
Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil |
author |
Souza,Francisco Eduardo Pires de |
author_facet |
Souza,Francisco Eduardo Pires de Carvalho,Fernando J. Cardim de |
author_role |
author |
author2 |
Carvalho,Fernando J. Cardim de |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Souza,Francisco Eduardo Pires de Carvalho,Fernando J. Cardim de |
dc.subject.por.fl_str_mv |
Brazilian exchange rate regime capital account liberalization foreign exchange regulation |
topic |
Brazilian exchange rate regime capital account liberalization foreign exchange regulation |
description |
In the last two decades an entirely new set of rules governing the foreign exchange transactions was established in Brazil, substituting for the framework inherited from the 1930s. Foreign exchange controls were dismantled and a floating exchange rate regime replaced different forms of peg. In this paper we argue that although successful by comparison to previous experiences, the current arrangement has important flaws that should be addressed. We discuss how it first led to high volatility and extremely high interest rates, which, when overcome, gave way to a long lasting appreciation of the real exchange rate with adverse consequences to industry. |
publishDate |
2011 |
dc.date.none.fl_str_mv |
2011-12-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000400004 |
url |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000400004 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
10.1590/S0101-31572011000400004 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
text/html |
dc.publisher.none.fl_str_mv |
Centro de Economia Política |
publisher.none.fl_str_mv |
Centro de Economia Política |
dc.source.none.fl_str_mv |
Brazilian Journal of Political Economy v.31 n.4 2011 reponame:Revista de Economia Política instname:EDITORA 34 instacron:EDITORA_34 |
instname_str |
EDITORA 34 |
instacron_str |
EDITORA_34 |
institution |
EDITORA_34 |
reponame_str |
Revista de Economia Política |
collection |
Revista de Economia Política |
repository.name.fl_str_mv |
Revista de Economia Política - EDITORA 34 |
repository.mail.fl_str_mv |
||cecilia.heise@bjpe.org.br |
_version_ |
1754122481055039488 |